A receiver appointed by the National Asset Management Agency to the company and personal assets of developers Ray and Danny Grehan has been stood down.
Paul McCann and Michael McAteer of accounting firm Grant Thornton were appointed joint receivers last Wednesday.
However, they handed back control to the Grehan brothers at midnight.
A spokesman for NAMA told RTÉ News that the developers had requested more time to respond to the agency's demand for payment and to the application to appoint a receiver.
'NAMA has decided to give them until close of business on Tuesday,' the spokesman said.
It is understood the developers owe more than €600m to NAMA. They are likely to be issued with a demand for payment on Tuesday evening.
NAMA may then be in a position to seek to have the receivers re-appointed if it can not find agreement with the developers on repayment terms.
The Grehan brothers and their main investment vehicle, Glenkerrin Homes, have taken legal advice and intend to respond to the application within the next 48 hours.
Glenkerrin's assets include the former site of the UCD veterinary college in Dublin, which was bought by Ray Grehan for €171.5m in 2005.
The site was the most expensive per acre in the history of the state at the time.
